More Residents Starting to Use Financial IC Cards Around the City

More Residents Starting to Use FInancial IC Cards Around the CityBy the end of June the issuance of the financial integrated circuit or IC cards have skyrocketed and have reached 960,000. Banks in Shenzhen issued the 960,000 IC cards which is around 10 percent of the total amount of bank cards that are issued in the city.

Out of the 960,000 cards that are used locally 32.5 percent are used as credit cards, 64.1 percent are debit cards and 3.4 percent are quasi credit cards. The IC cards is a type of bank card that uses a microchip that stores information such as digital certificates and fingerprints these will enable users to achieve multiple purposes using only one card. These types of cards are much safer and more powerful than using cards that utilizes magnetic strips.

Shenzhen was one of the pilot cities in China that started issuing financial IC cards. The plan was first introduced in 2008 and the first IC card was issued in 2009 by the Industrial and Commercial Bank of China other issuing banks are Bank of China, China Construction Bank and the Bank of Communications. More than half of the ATMs around the city have been upgraded to allow the use of the IC cards. Local banks are now offering or are starting to offer financial IC cards have already upgraded their ATMs and other card equipment services.

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